Stocks Edge Up; News Corp. Declines

By Sam Mamudi

The Dow Jones Industrial Average rose 7.22 points Wednesday, to close up 0.05% at 13,986.52. After two days of large moves, the benchmark had a very mixed day today, crossing zero 13 times. The Dow is down 0.17% this week.

The Standard & Poor’s 500 index was also up 0.05%, to close at 1,512.12. The Russell 2000 index, meanwhile, hit a new record close, up 0.34% to 911.29. The small-caps index is up 7.3% this year.

In postmarket moves, shares of our parent News Corp. (NWS) are down close to 2% after it (we?) reported improved quarterly profit but cut its full-year outlook:

[News Corp said] underperformance at several businesses including its Fox broadcast network would offset a gain in earnings in the most recent quarter.

The company said operating income for the current fiscal year, which runs through June, would now grow by “mid- to high single digit” percentages, down from “high single- to low double-digit” percentages it predicted in November.

About Stocks To Watch

Earnings reports, corporate strategies and analyst insights are all part of what moves stocks, and they’re all covered by the Stocks to Watch blog. We also look at macro issues, investor sentiments and hidden trends that are affecting the market. Stocks to Watch gives you the full picture of the U.S. stock markets, all day long.

The blog is written by Ben Levisohn, a former stock trader who has covered financial markets for the Wall Street Journal, Bloomberg and BusinessWeek.